The engagement of a professional property management service is vital any landlord who is serious about maximising their real estate investment. With the Australian property management industry currently worth a whopping $5.5 billion, finding a property management service in Perth isn’t that hard …its finding a good one that is difficult!
So it’s essential that you do your due diligence and conduct thorough research to ensure you’re working with a professional, trustworthy, reliable, and competent company. There are so many things to consider, all of which we’ll highlight and discuss in this post.
Conduct Thorough Research
To find the best property management company in Perth, you need to conduct thorough research and ask the right questions. The best place to start is to check your referral sources and ask your friends or colleagues with rental properties to recommend a great company they use, have used before, or have heard of. Note especially any agency names mentioned a few times by different sources, and even though they may be biased, it’s an excellent place to start.
Once you have a few, it’s time to check their credibility on the internet. Conduct a Google search on the best property management services in Perth and scrutinize the results.
Research the companies on your list and see what other customers have to say about them online. This means you need to check review websites to see what customers have to say about their experiences dealing with said companies.
Some of the essential pieces of information you need to note are what kind of services they offer. Apart from rent collection, what else do they offer? It could be tenant screening, in-house inspections, maintenance management, among others.
Understand that additional services are likely to attract additional costs, so don’t assume that charges are the same across companies with similar services. Check their staff information, contact information, management fees, fee schedules, as well as testimonials. Check their responses to reviews, especially the negatives ones, to gauge how they handle customers.
Check Out Local Ads in Perth
Many Perth property management companies list their services on local advertisements, so this is a good place to look. Check the local newspapers, local listings on online websites like realestate.com.au, and online classifieds. Of course, you still need to research these companies, so narrow down a few choices and research which one suits your needs the most.
Check Their Track Record
The Perth real estate industry is huge, and choosing property management is a huge decision that will impact your real estate portfolio and risk profile. You must check out their success rate in handling properties and managing tenants. Check their credit history, current customers, rental history, how they handle tenant problems, and whether they would go to court on your behalf in case of tenant problems.
Check Their Customer Services and Communication
We cannot emphasise how important great communication is. A company that doesn’t respond to emails or call on time or has unresponsive customer services will do nothing but frustrate the life out of you. You need to find a company with strong professional relationships and high regard and respect for its customers.
The best property management service in Perth is one that’s honest, transparent, and takes time to listen to clients. Find a company that’s willing to tailor its services to your needs and one that respects your goals and desires when it comes to handling your properties.
Ask the Right Questions
At this point, it’s a given that you have narrowed down your search to at least three companies. Now you need to contact them for an interview, either in person or over the phone.
This is the most important part. You can ask all the important questions that will help you choose the right one out of all three.
Some questions to ask include whether they have the proper licenses and insurance policies. Ask how long they have been in business and how many properties they’re currently managing. Inquire how they decide on rent, their process of finding tenants, their cancellation policy, and whether they manage other properties in Perth.
Read the Fine Print
When looking for professional property management in Perth, you need to read the fine print of their contract before signing your property over. Some companies will especially make it very hard for you to fire them later on if you are dissatisfied with their services.
They may stipulate under what conditions you can terminate the contract. For instance, the contract may stipulate that you need to continue paying them for the rest of the year once you end the contract.
You should be able to terminate the contract when you feel they are not serving you as they promised or are managing your tenants badly. Check how much it will cost to fire them or what legal action you’ll need to take. If you have a lawyer, have them go through the contract and advise you accordingly.
Scrutinize Their Fee Structure
The contract will also include the management fees depending on all the services they offer. Most companies in Perth charge a management fee of 8% to 12% of the rent, but you may be able to find one that charges less.
They may charge for resigning when the lease expires, finding tenants, using outside contractors, and eviction. But remember that a high quality service does not come cheaply - so don’t fall into that trap of looking at and comparing fees only.
Finding the Best Property Management in Perth
There you have it! Finding property management in Perth doesn’t need to be a complicated process. However, you need to follow these steps to find the right company.
Property management is hard work and can be expensive. Choose a company that listens to your needs and implements solutions that work.
That said, we can make the process easier for you and help you locate the best property management company in Perth. Please get in touch with us today, and we’ll be more than glad to connect you with trustworthy professionals.